Market Need Analysis - Lesson 1: Market Research

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Questions and Answers

What are the first two questions to be answered in market research?

How and Who

What and When

Who and Where

What and Why (correct)

What is one method to carry out market research?

By analysis of existing data

By observation and interview (correct)

By using focus groups exclusively

By distributing surveys online

When is considered the right time to conduct market research?

During class hours for maximum attendance

Early morning before classes

During lunch break and dismissal (correct)

On weekends for better engagement

Which group should be researched during market research planning?

Students from Junior to Senior High School (C) Signup and view all the answers

Which question type is NOT part of the basic market research questions?

Who will benefit from the findings? (B) Signup and view all the answers

What is the primary purpose of Customer Satisfaction Research?

To assess customer feedback regarding product satisfaction (C) Signup and view all the answers

Which research method utilizes analysis of visual behavior among consumers?

Commercial Eye Tracking (B) Signup and view all the answers

What is the focus of Internet Strategic Intelligence?

Using online platforms for honest product reviews (D) Signup and view all the answers

How does Test Marketing determine public acceptance?

By introducing a small, controlled quantity of a product (C) Signup and view all the answers

What key benefit does market research provide to entrepreneurs?

Minimization of risks associated with business investment (C) Signup and view all the answers

What is the primary purpose of conducting market research?

To understand and meet consumer needs. (D) Signup and view all the answers

How does market research help to minimize the risk of business failure?

By providing insights into consumer preferences and market trends. (B) Signup and view all the answers

Which of the following is NOT a basic question to ask during market research?

Who are my competitors? (C) Signup and view all the answers

What key insight can market research provide regarding consumer behavior?

When to reschedule the launch of a product based on demand. (B) Signup and view all the answers

Which of the following elements is essential for conducting market research?

Design, collection, and analysis of relevant data. (A) Signup and view all the answers

What advantage does market research give entrepreneurs?

A forecast of prevailing economic conditions. (A) Signup and view all the answers

In what way does market research influence product development?

By aligning products with consumer needs and preferences. (B) Signup and view all the answers

What might be a consequence of neglecting market research before launching a product?

Higher chances of product failure. (A) Signup and view all the answers

Study Notes

Market Need Analysis - Lesson 1: Market Research

Market research is the design, collection, and analysis of relevant data, arranged systematically to solve a specific marketing problem.
It's a crucial tool for entrepreneurs to understand the market effectively.

Learning Objectives

Analyze market needs.
Identify possible products or services that meet those needs.

Understanding Market Research

Market research helps understand customer needs, minimize business risks, and predict industry trends.
It's essential for assessing consumer tastes, current economic conditions, and identifying potential adjustments for future demand.

Basic Questions for Market Research

Why conduct market research? (Purpose)
What will the research entail?
Which part of the market will be researched?
Who will be researched among the target market members?
When is the ideal time to conduct the research?
Where will the research be performed?
How will the research be conducted? (Methods)

Example Questions and Answers

Question: Which part of the market will be researched?
Answer: Students in Junior to Senior High School.
Question: When will the research be conducted?
Answer: During lunch breaks and dismissal periods.
Question: How will the research be conducted?
Answer: Through observation and interviews

Types of Market Research

Advertising Research
Commercial Eye Tracking
Customer Satisfaction Research
Distribution Channel Audit
Internet Strategic Intelligence
Test Marketing

Why Conduct Market Research?

To understand consumer needs and trends
To identify potential risks of business failure.
To forecast future market trends.

Purpose of Market Research

Understanding customer needs
Minimizing business risk
Forecasting market trends

Wrap Up

Market research gathers data systematically to address marketing problems.
It's crucial for effectively initiating and running a business.
Understanding consumer needs, minimizing business failure, forecasting market trends are key results of market research.

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Description

Dive into the essentials of market research in this lesson. Learn how to analyze market needs and identify products or services that fulfill them. This foundational knowledge is crucial for entrepreneurs looking to understand their market effectively.